Professionals

VSI’s group of professionals offer substantial experience and competence in business valuations. Our unique set of skills allow us to provide high quality business valuation services for a wide variety of industries. Our team-based approach provides a platform that enables us to work with many different projects at the same time without compromising quality. We invite you to review the individual credentials and backgrounds of our professionals.

Craig Stephanson CPA, CVA icon_1674
Managing Director
Arlington: 571-447-5401
Miami: 786-375-5067

Craig specializes in the valuation of family limited partnerships and the valuation of real estate entities for estate planning and administration as well as succession planning and partner disputes. Craig has hands-on experience working in closely held businesses where he was responsible for all accounting and tax functions, as well as project financing, management, and acquisition and feasibility analysis.

Craig began his career in public accounting in 1981 at Arthur Andersen & Co. providing auditing and income tax planning services for public and private companies for five years. He then went on to serve as Chief Financial Officer for several private real estate development and investment companies within the metropolitan Washington, DC area. In 1995, Craig joined Valuation Services, Inc. to provide valuation and litigation support services. In 1998, he became President of Valuation Services, Inc. Craig is a leading expert on the formation and valuation of family limited partnerships and specializes in the valuation of real estate partnerships for estate planning and administration, succession planning, divorce proceedings, partner disputes, and litigation support. Over the years, he has published articles and books, presented, and been engaged as an Expert Witness in the areas of valuation of closely held businesses and fractional interests in closely held businesses. Craig is an active member of national and local valuation related professional organizations, and a member of both the Washington, DC Estate Planning Council and the Northern Virginia Estate Planning Council.

Jeff Bae, JD, CVA icon_1674
Managing Director
Arlington: 571-447-5402
Miami: 786-375-5066

Jeff provides valuation and consulting services for attorneys and other professional services providers, for purposes of gift and estate tax planning, reorganizations, buy/sell agreements, Section 409A compliance, ASC 805/350 and other financial reporting purposes and litigation support. His valuation experience includes the valuation of ownership interests in operating businesses and closely held private entities that own real property, marketable securities, and other income producing assets.

Jeff began his career at PricewaterhouseCoopers in their National Tax Office. As an international tax associate, he advised U.S. and foreign multinational companies on the tax implications of their international operations as well as coordinating U.S. tax laws with foreign tax laws to develop an optimal worldwide tax strategy. Jeff provides valuation and consulting services for attorneys and other professional services providers, for purposes of gift and estate tax planning, reorganizations, buy/sell agreements, financial reporting Section 409A, SBA financing, and litigation support. Jeff’s main expertise is in the valuation of ownership interests in operating businesses and closely held, private entities that own real properties, marketable securities, and other income producing assets. Jeff has been involved in over 3,000 valuation engagements.

Emrah Kocak, CFA icon_1674
Director
Arlington: 571-447-5403

Emrah provides valuation and consulting services for tax and financial reporting purposes. Emrah has particular experience in valuation of ownership interests in operating businesses (including early-stage companies with complex capital structures), private equity, and venture capital funds. His experience also includes valuation of stock options, warrants, restricted stock and other types of equity-based compensation for tax and financial reporting purposes. Emrah is a CFA charterholder and is a member of the CFA Institute and CFA Society of Washington, D.C.

A graduate of Purdue University (2003) with an MBA in Finance and Strategy, Emrah also holds a BS in Public Administration & Political Science from the Middle East Technical University in Turkey. Prior to joining VSI, Emrah worked at Hogan & Hartson L.L.P. as a Financial Analyst where he analyzed financial data for the Executive Committee and worked closely with the Chairman and Managing Partners performing a variety of financial and analytical tasks.

Kevin McElroy, CPA/ABV, ASA icon_1674
Director
New York: 646-630-8399

Kevin has extensive experience in providing business valuations for clients for various purposes including financial reporting, corporate planning, gift tax, estate tax, and buy-sell transactions. Kevin’s business valuation experience includes domestic and international private equity, hedge funds, investment holding companies, and M&A analyses. Kevin is a Certified Public Accountant in the state of New York and also has the Accredited in Business Valuation (ABV) credential with the American Institute of Certified Public Accountants. He is also an Accredited Senior Appraiser (ASA) designated in Business Valuation with the American Society of Appraisers and has been an officer in the New York City chapter of the American Society of Appraisers since 2013. Kevin is currently the NYC chapter president.

A graduate of the Zicklin School of Business with an MBA in Finance, Kevin also holds a BBA in Accounting from Siena College. For over eight years, Kevin has held positions with several regional and national valuation firms, and in his accounting career, he worked as a Controller for nine years at two different companies.

Reza Sadeghi, CVA icon_1674
Manager
571-447-5404

Reza provides valuation and consulting services for attorneys and other professional services providers, for purposes of gift and estate tax planning, reorganizations, buy/sell agreements, divorce and litigation support. He is also an active member of NACVA.

A graduate of Johns Hopkins University (2008) with a Master’s in Applied Economics, Reza also holds a BS in Business Administration from Carnegie Mellon University (2002). Prior to joining VSI, Reza worked at America Online as a Financial Analyst where he performed financial reporting and budget analysis. Reza also has experience in the public sector at the Department of Transportation where he produced monthly financial profiles, projected fiscal year purchases and assisted in the fiscal year close out process.

Jenifer Shapiro, MBA icon_1674
Manager
571-447-5405

Jenifer has extensive experience providing valuation services for companies from a variety of industries including real estate, government services, financial institutions, information technology and retail and hospitality. She has worked closely with clients conducting fair market valuations for gift and estate tax planning, buy-sell agreements, shareholder disputes, and IRC 409A for the issuance of employee stock options. Jenifer also has experience conducting purchase price allocations and intangible asset valuations as well as conducting goodwill impairment testing for financial reporting purposes. Additionally, Jenifer has valued many early-stage, high-growth companies with complex capital structures.

A graduate of American University, with an MBA in Finance and an MA in International Affairs. Jenifer also holds a BA in International Relations from Tufts University. Prior to joining Valuation Services, Jenifer was a Manager at a national valuation firm specializing in the valuation of middle-market companies using fair value measurements.

Ayhan Nazli, CFA, CVA icon_1674
Manager
571-447-5406

Ayhan provides valuation consulting services to attorneys, financial institutions, business owners, and the board of directors of companies for gift and estate tax valuations, ESOP transactions and annual updates, potential sales and acquisitions, IRC Section 409A compliance for the issuance of employee stock options, ASC 350 for goodwill impairment, internal planning, asset backed lending, shareholder disputes, and litigation support. Ayhan has particular experience in the valuation of operating businesses from a variety of industries including government contracting, information technology, consumer retail and distribution, manufacturing, engineering and construction, healthcare, financial services, and real estate. He also has extensive experience in the valuation of intangible assets, restricted stock, warrants, stock options, and other types of equity-based compensation.

Ayhan is a graduate of The Robert H. Smith School of Business at the University of Maryland, College Park with a BS in Finance. Prior to joining VSI, Ayhan began his career at Lehman Brothers Holdings, Inc. as an Analyst in the Mortgage Capital Division. At Lehman Brothers, he was involved in performing due diligence, analyzing cash flow accounts, and other treasury functions. Ayhan is a CFA charterholder and is a member of the CFA Institute, CFA Society of Washington, D.C., NACVA, the ESOP Association, and NCEO.

Stephanie Kenny icon_1674
Manager
571-447-5409

Stephanie has extensive experience providing valuation services for companies from a variety of industries, but specializes in the valuation of complex estates and multi-tiered entities. She has worked closely with clients conducting fair market valuations for gift and estate tax planning, income tax, buy-sell agreements, corporate planning and restructuring, and Employee Stock Ownership Plans. Stephanie also has experience conducting purchase price allocations and intangible asset valuations as well as conducting goodwill impairment testing for financial reporting purposes. Additionally, Stephanie has valued private equity and venture capital funds.

Stephanie graduated summa cum laude from The College of New Jersey, with a BS in Finance. Prior to joining Valuation Services, Stephanie was an Assistant Vice President at a national valuation firm.

Karen Kidd icon_1674
Senior Analyst
571-447-5411

Anne Appler icon_1674
Senior Analyst
571-447-5407

Robert Kellam icon_1674
Senior Associate
571-447-5413

C.J. Stephanson icon_1674
Analyst
571-447-5408

Jacob Meredith icon_1674
Analyst
571-447-5410